01—Abstract
Summary
Summary of the 8-K filed August 24, 2026. Cited figures are marked; the original filing is the authoritative source.
On August 24, 2026, Strategy Inc announced the establishment of "USD Cash," a new component of its Digital Credit Capital Framework.
USD Cash is a separately designated pool of U.S. dollar liquidity that management may retain for future general Bitcoin Treasury Company purposes, including acquiring bitcoin, paying preferred stock dividends and debt interest, repurchasing MSTR Stock or preferred stock, repaying or redeeming convertible notes, and increasing the USD Reserve. The existing USD Reserve policy is unchanged and remains designated to support preferred dividends and interest on indebtedness. The company says USD Cash gives management more flexibility to respond to market conditions, including dislocations in bitcoin or its securities markets.
As of August 23, 2026, the USD Reserve stood at $5.10 billiona and USD Cash at $1.59 billion, both including expected proceeds from ATM sales not yet settled. During the week of August 17 to August 23, 2026, Strategy sold 18,261,118 shares of MSTR Stock under its at-the-market program for $2,006.5 million in net proceeds. Of those proceeds, $136.4 million funded repurchases of STRC Stock, $300.0 million increased the USD Reserve, and the remainder increased USD Cash.
No preferred stock was sold under the ATM that week. Strategy made no bitcoin purchases or sales during the week, leaving aggregate holdings at 840,447 BTC with an aggregate purchase price of $63.36 billionb and an average purchase price of $75,385.
The company repurchased 1,431,212 shares of STRC Stock for $136.4 millionc under its Digital Credit Securities Repurchase Program, which has $516.6 million of preferred stock capacity remaining. The MSTR Stock repurchase program has $1.0 billion remaining.
02—Key points
Key Highlights
- Established "USD Cash," a new U.S. dollar liquidity pool within the Digital Credit Capital Framework, with broad permitted uses including bitcoin acquisitions, dividends, interest, buybacks and convertible note repayment.
- USD Reserve unchanged at $5.10 billion as of August 23, 2026, still designated for preferred dividends and debt interest; USD Cash stood at $1.59 billion.
- ATM program: 18,261,118 MSTR Stock shares sold during August 17 to 23, 2026, generating $2,006.5 million in net proceeds.
- Proceeds allocation: $136.4 million used for STRC Stock repurchases, $300.0 million added to the USD Reserve, remainder added to USD Cash.
- No bitcoin purchases or sales during the week; aggregate holdings of 840,447 BTC with an aggregate purchase price of $63.36 billion and average purchase price of $75,385.
- Repurchased 1,431,212 STRC shares for $136.4 million; $516.6 million of preferred repurchase capacity and $1.0 billion of MSTR Stock repurchase capacity remain.
- $19,694.2 million of MSTR Stock remains available for issuance under the ATM as of August 23, 2026.
03—Questions
Frequently Asked Questions
What is USD Cash and how does it differ from the USD Reserve?
USD Cash is a separately designated pool of U.S. dollar liquidity that management may retain for general Bitcoin Treasury Company purposes, such as buying bitcoin, paying dividends and interest, repurchasing securities, repaying convertible notes, or increasing the USD Reserve. The USD Reserve remains specifically designated to support preferred stock dividends and interest on outstanding indebtedness. USD Cash is meant to give management more flexible liquidity to respond to market conditions.
How much capital did Strategy raise through its ATM program this week?
During August 17 to 23, 2026, Strategy sold 18,261,118 shares of MSTR Stock under its at-the-market program, with net proceeds of $2,006.5 million. No shares of STRF, STRC, STRK or STRD were sold during that period.
Did Strategy buy or sell bitcoin during the reported week?
No. The filing states that no bitcoin purchases or sales were made during the week of August 17 to 23, 2026. As of August 23, 2026, the company held 840,447 bitcoin.
What share repurchases did Strategy make and what authorization remains?
Strategy repurchased 1,431,212 shares of STRC Stock for $136.4 million under the Digital Credit Securities Repurchase Program. As of the filing, $516.6 million of preferred stock capacity and $1.0 billion of MSTR Stock repurchase capacity remained under their respective programs.
04—Continue